Feb 23rd, 2016
by John Donovan.


Markets | Tuesday Feb 23, 2016
Bulgaria sealed a deal with Royal Dutch Shell on Tuesday to explore for oil and gas in an offshore block in the Black Sea in a bid to end its almost total dependence on Russian natural gas.
Shell won a tender for a five-year permit for deepwater exploration at the 1-14 Silistar block that covers 7,000 square km in September and pledged to invest 18.6 million euros ($20.5 million) in seismic surveys.
“The licence that we have been awarded today allows us to evaluate the potential for oil and gas in offshore Bulgaria. This process can be quite a long process and with much uncertainty,” said Eileen Wilkinson, regional director at Shell International Exploration and Production, after the signing. read more
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Feb 23rd, 2016
by John Donovan.


23 FEB 2016
Investment in new offshore oil and gas projects is collapsing despite cost-cutting efforts, according to a report.
Industry Body Oil and Gas UK said that less than £1bn was expected to be spent on new projects this year, compared to a typical £8bn per year in the last five years.
Its new 2016 activity survey said this was despite costs dropping.
Oil and Gas UK said exploration remained at an all-time low with no sign of improving.
The survey said the industry’s drive to improve efficiency, reduce operating costs and increase production has had “marked success”. read more
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